UK-listed MGC Pharma down after flagging difficulties in raising funds

Argent BioPharma

26/09/2023 08:17

** London-listed shares of MGC Pharmaceuticals  MXCM.L 
 MXC.AX  down 9.5% at 0.095p - among top losers across all
London stocks
    ** Stock on track for fifth consecutive day of loss if trend
holds
    ** Co says faced extreme difficulties in raising funds in
the UK primarily, and in Australia due to market conditions
    ** Board and management to design a restructuring plan to
secure long-term financing
    ** Restructuring plan to reduce reliance on constant capital
raising and to allow to complete an 18-month work plan
    ** Stock down ~83% YTD

 (Reporting by Aatrayee Chatterjee in Bengaluru)
 ((aatrayee.chatterjee@thomsonreuters.com))